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A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below. Time Period Observation 1 1,501 2 1,584
A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below.
Time Period | Observation |
1 | 1,501 |
2 | 1,584 |
3 | 1,397 |
4 | 1,285 |
5 | 1,228 |
6 | 1,360 |
7 | 1,608 |
8 | 1,345 |
9 | 1,371 |
10 | 1,537 |
11 | 1,419 |
12 | 1,583 |
13 | 1,694 |
14 | 1,572 |
15 | 1,302
What is the forecast for week 16, using a two-period moving average? Round your answer to the nearest cent. $ What is the forecast for week 16, using a three-period moving average? Round your answer to the nearest cent. $ Compute MSE for the two- and three-period moving average models and compare your results. Do not round intermediate calculations. Round your answers to two decimal places. MSE (two-period): MSE (three-period): |
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